Ann: Major permitting milestone for the Vittangi Graphite Project, page-35

This is not the permit announcement which officially de-risks the talga project.

If you read the fine print, it says that there will be an additional delay beyond which was originally expected. People get frustrated by delays, particularly when the solvency of Talga for the next 5 years will be decided on the JV and EU funding, which, logically, for a best case scenario require the permit to be in hand.

Everything will work out in the end, I do believe that. Maybe we don't need a permit for JV and funding to be locked down, but wouldn't that be weird, from the perspective of Mitsui and the EU? Why commit before everything is ironclad? For Mitsui who have waited 2 years, who are a century old company, why not wait 6 more months? Sure we talga investors will see it differently, but we aren't the guys putting 200 million on the table.